The global hybrid vehicle powertrain component market is expected to experience significant growth during the forecast period of 2023-2027, according to a TechSci Research report titled "Hybrid Vehicle Powertrain Component Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027." The market is being propelled by factors such as the increasing emission norms, the untapped growth potential in developing countries, and the expanding automotive industry. The adoption of fuel-efficient mobility solutions and the decreasing cost of batteries are also expected to drive growth in the global hybrid vehicle powertrain component market over the next five years.
Hybrid vehicle powertrain systems combine traditional powertrain components, such as an internal combustion engine with transmission, with new electric components like high voltage energy storage, power electronics, and electric motor. This system transmits power to the driving wheels of hybrid vehicles, and these vehicles come in many configurations supporting multiple forms of motive power. Powertrain includes all components used to transform the potential energy, and they can use either chemical, solar, kinetic, or nuclear power to make them useful for propulsion.
However, the cost of vehicles and the lack of vehicle charging infrastructure in developing countries may hamper the growth of the global hybrid vehicle powertrain component market during the forecast period.
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The global hybrid vehicle powertrain component market is segmented into vehicle type, propulsion, component, regional distribution, and competition landscape.
The global hybrid vehicle powertrain component market is categorized based on vehicle type, propulsion, and component. In terms of vehicle type, the market is segmented into passenger cars, light commercial vehicles (LCV), and medium & heavy commercial vehicles (M&HCV). Passenger cars are anticipated to hold the largest market share in the forecast period, 2023-2027, due to rapid urbanization, improved living standards, and rising per capita income of consumers in developing countries. The market growth is also driven by consumer preference for private vehicle ownership and the launch of advanced versions of passenger cars. Technological advancements and the need for environmentally-friendly fuels and technologies are expected to boost the demand for passenger cars globally.
Based on propulsion, the market is divided into HEV and PHEV. PHEVs, or plug-in hybrid electric vehicles, are expected to capture the highest market share in the forecast period due to their ability to recharge their batteries through regenerative braking or with an engine. They have higher battery capacity than HEVs and can travel longer distances before their engines are turned on, providing good fuel economy. PHEVs offer the advantages of both electric and conventional vehicles, acting as electric vehicles for shorter commutes and gas engines for longer trips.
The market is also segmented based on component, including battery, motor, controller, engine, transmission, and others. The battery segment is expected to account for a significant market share in the forecast period. Energy storage systems, especially batteries, are crucial components of all-electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles. Lithium-ion, nickel-metal hydride, and lead-acid batteries are commonly installed in hybrid vehicles. The decline in battery costs, favorable government policies supporting the manufacturing of electric vehicle batteries, and mass battery production are expected to drive demand for this segment over the next five years.
Major operating companies operating in global hybrid vehicle powertrain component market are:
- Robert Bosch GmbH
- BorgWarner Inc.
- Magna International Inc.
- Hitachi Automotive Systems Ltd
- Cummins Inc.
- ZF Friedrichshafen AG
- Mitsubishi Electric Corp.
- Schaeffler AG
- Continental AG
- Marelli Holdings Co., Ltd.
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“Asia-pacific region is expected to witness fastest increment growth over the forecast period, 2023-2027. High penetration of electric vehicles in the region due to stringent government regulation and emission norms and efforts to develop appropriate charging infrastructures is driving the sales of hybrid vehicles in the region. Government incentives, subsidies and income tax rebates to the electric vehicle manufacturers and buyers and changing preference of key players to set up their manufacturing plants supports the market growth in the region. High sales of hybrid vehicles in Japan, South Korea, China and mass adoption of hybrid technology due to the benefits offered by them are expected to propel the global hybrid vehicle powertrain component market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Hybrid Vehicle Powertrain Component Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2022, Segmented By Vehicle Type (Passenger Car, Light Commercial Vehicle (LCV), Medium & Heavy Commercial Vehicle (M&HCV)), By Propulsion (HEV, PHEV), By Component (Battery, Motor, Controller, Engine, Transmission, Others), and By Region”, has evaluated the future growth potential of global hybrid vehicle powertrain component and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global hybrid vehicle powertrain component market.
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